Boxwood Company sells blankets for $37 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date Blankets Units Cost May 3 Purchase 10 $16 10 Sale 5 17 Purchase 10 $15 20 Sale 4 23 Sale 2 30 Purchase 12 $21 Determine the cost of goods sold for the sale of May 20 using the LIFO inventory costing method. a.$30 b.$80 c.$60 d.$252

Boxwood Company sells blankets for $37 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1 . Boxwood uses a perpetual inventory system. Determine the cost of goods sold for the sale of May 20 using the LIFO inventory costing method. a. $30 b. $80 c. $60 d. $252